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Press Room

2022

  • Jan 19

    PBGC Approves Special Financial Assistance Application

    Road Carriers Local 707 Pension Plan Participants’ Benefits to be Restored

    WASHINGTON, D.C. — The Pension Benefit Guaranty Corporation (PBGC) announced today that it has approved the Special Financial Assistance (SFA) application submitted by the Road Carriers Local 707 Pension Plan (Local 707 Plan). The Local 707 Plan, based in Hempstead, New York, covers 3,804 participants in the transportation industry.

  • Jan 18

    PBGC Approves Special Financial Assistance Application

    WASHINGTON, D.C. — The Pension Benefit Guaranty Corporation (PBGC) announced today that it has approved the plan application for the Bricklayers and Allied Craftworkers Local 5 New York Retirement Fund Pension Plan (Bricklayers Local 5 Plan).

2021

  • Dec 23

    PBGC Approves Special Financial Assistance Application

    WASHINGTON, D.C. — The Pension Benefit Guaranty Corporation (PBGC) announced today that it has approved the plan application for the Idaho Signatory Employers-Laborers Pension Plan (Idaho Signatory) in Portland, Ore. The plan covers 682 participants in the construction industry and will receive $13.9 million in special financial assistance, including interest to the expected date of payment to the plan.

    • statement: 06
  • Jun 17

    PBGC Announces New Chief Policy Officer

    WASHINGTON, D.C. – The Pension Benefit Guaranty Corporation (PBGC) announced the appointment of Ann Orr as Chief Policy Officer.

    "PBGC welcomes Ann back to serve in a new capacity," PBGC Director Gordon Hartogensis said. "She previously served at PBGC from 2011-2019 and brings a wealth of agency knowledge and experience to our mission of protecting the retirement security of millions of Americans."

  • Feb 23

    PBGC Announces New General Counsel Appointment

    WASHINGTON, D.C. – The Pension Benefit Guaranty Corporation (PBGC) announced the appointment of Russell Dempsey as General Counsel.

    “It is my pleasure to welcome Russ to the PBGC team as our new General Counsel,” PBGC Director Gordon Hartogensis said. “His leadership and expertise will help inform and guide our efforts to support the agency’s mission and protect the retirement security of the individuals who rely on us.”

  • Feb 17

    PBGC Announces New Inspector General Appointment

    WASHINGTON, D.C. – The Pension Benefit Guaranty Corporation (PBGC) announced the appointment of Nicholas J. Novak as the agency’s Inspector General. In his 35-year career, Novak spent nearly 20 years holding various positions within PBGC’s Office of Negotiations and Restructuring (ONR) and the agency’s Office of the Inspector General. Novak’s ONR portfolio included supervising aspects of the Multiemployer Pension Insurance Program.

  • Jan 1

    PBGC Reaches Settlement to Help Protect Troubled Multiemployer Insurance Program

    WASHINGTON, D.C. - The Pension Benefit Guaranty Corporation (PBGC) today announced it has reached a settlement agreement with the Food Employers Labor Relations Association (FELRA), the United Food and Commercial Workers union (UFCW), and the FELRA/UFCW Pension Fund (FELRA/UFCW plan), a severely underfunded multiemployer plan that covers approximately 50,000 grocery and warehouse workers and retirees in the D.C. metropolitan area.

2020

  • Dec 10

    PBGC Releases FY 2020 Annual Report

    Multiemployer Program Projected to be Insolvent in FY 2026; Single-Employer Program Improves

    WASHINGTON, D.C. – The Pension Benefit Guaranty Corporation (PBGC) today released its Fiscal Year (FY) 2020 Annual Report. The report notes, among other things, that the agency’s Multiemployer Insurance Program expected insolvency date has been delayed from FY 2025 to sometime in FY 2026.

  • Nov 6

    PBGC to Pay Pension Benefits for J.C. Penney Corporation Workers, Retirees

    WASHINGTON, D.C. — The Pension Benefit Guaranty Corporation (PBGC) is taking responsibility for the J.C. Penney Corporation, Inc. Pension Plan, which covers about 36,000 current and future retirees. The retailer, headquartered in Plano, Texas, operates about 690 stores throughout the United States and Puerto Rico.

  • Sep 21

    PBGC to Expand COVID-19 Relief, Support Economic Recovery

    Will Allow Greater Flexibility Related to Premium Filings

    WASHINGTON, D.C. – The Pension Benefit Guaranty Corporation (PBGC) today announced it intends to provide new flexibility for variable-rate premium filers, a continuation of the Administration’s efforts to help support economic recovery and mitigate the effects of the coronavirus pandemic (COVID-19).

  • Apr 10

    PBGC Provides Relief to Mitigate Effects of COVID-19 Pandemic

    Allows Additional Time to Pay Premiums, Submit Filings

    WASHINGTON, D.C. – The Pension Benefit Guaranty Corporation (PBGC) today announced extended deadlines for upcoming premium payments and other filings with the agency. Due dates for filings or actions that would otherwise have been due on or after April 1, 2020, and before July 15, 2020, have been extended to July 15, 2020. The action is part of the Administration’s broader efforts to respond to the coronavirus disease 2019 (COVID-19) outbreak, which President Donald J.

  • Jan 14

    PBGC Approves Facilitated Merger of Two Multiemployer Pension Plans 

    WASHINGTON – The Pension Benefit Guaranty Corporation (PBGC) today announced its first approved facilitated merger under the Multiemployer Pension Reform Act of 2014 (MPRA). Under this authority, PBGC may provide financial assistance to help merge two multiemployer plans in order to extend the solvency of a financially distressed plan. 
     

Last Updated: September 22, 2021

PBGC Press Contacts

Communications & Public Affairs

Phone: (202) 326-4343

Fax: (202) 326-4344

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